Libyan central reserve may fall by 20% as Haftar's army raises barricade in the east


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Libyan central reserve may fall by 20% as Haftar's army raises barricade in the east

On Saturday, the 2nd of May 2020, the Central Bureau of Accounting of Libya, the grief-sickened North African nation which has been witnessing a second civil war since the May 16th, 2014, between the Libyan National Army of Marshal Khalifa Haftar, who was elected in a 2014 general election but failed to hold on to Tripoli and later had fled to the northern part of the nation, and the Internationally recognized Government led by Fayez al-Sarraj based on Tripoli established after a failed military coup back in the eventful 2014, had issued a statement saying that the vastly resource-rich North African country’s Central Bank were anticipating a downfall of as much as 20 per cent in its capital reserve.

On top of that, the Libyan Central Bureau of Accounting had also added in its Saturday’s (May 2nd) statement that the lag in revenues were mostly meaded out of barricades created on the east to block the Internationally recognized Government of Libya’s energy export, while the civil war-hit country’s the annual oil revenues were expected to take a header of nearly 17% to $5 billion from $31 billion compared to the same time a year earlier, said the Central Bureau of Accounting.

Aside from that, the Tripoli-based Libya’s Central Bureau of Accounting had also said in a Facebook video post on Friday (May 1st) that the nation’s fiscal deficit was expected to hit $19 billion in 2020 compared to a surplus of roughly $8 billion last year citing a wide-ranging catastrophe with no possibility of a recovery on sight such as the global-scale pandemic, a multi-year low oil price alongside a halt in oil export through the eastern part of the country since January this year.